Justine PETERSEN creates innovative loan fund to provide low-interest auto loans to drivers with difficult credit histories

— The NISA Charitable Fund provides $250,000 of Capital to Seed Auto Refinance Loan Fund for low to middle income households in Greater St. Louis —

ST. LOUIS, February 28, 2022 /PRNewswire/ — Justine PETERSEN and the NISA Charitable Fund are teaming up to address the impact of high-interest auto loans for drivers in Greater St. Louis with difficult personal credit scores. As one of the nation’s leading credit organizations and community development financial institutions (“CDFIs”) in the country, Justine PETERSEN has launched a pilot car loan refinance program called DRIVE with comprehensive financial credit counseling with a collaborative support and $250,000 NISA Charitable Fund investment.

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“Research shows that those who have subprime credit in Saint Louis pay an annual interest rate of around 20% for their car loan, which eats up a disproportionate amount of their monthly income,” said Robert BoyleFounder and CEO of Justine PETERSEN. “Low-to-moderate income households can stretch their money if they work with a CDFI to limit their high-interest auto loans and participate in a comprehensive credit counseling program. With the vital financial and operational support from the NISA Charitable Fund, early results from our pilot program are encouraging and we look forward to expanding our partnership base and participant base in the second half of the year.”

The DRIVE pilot program allows selected participants to refinance their auto loan at an attractive six percent annual interest rate, representing significant monthly savings. Individuals also receive a personalized credit action plan to help restore their credit score. Recently, Catherine Faulknera DRIVE participantrefinanced his car note with a DRIVE loan, lowering his annual interest rate from 20.35% to 6%, saving more than $120 per month. “It was a big change for the better,” Ms. Faulkner said, “I have the joy of knowing that I am no longer paying all that interest on my loan, and now I have more money in my pocket to meet my other monthly expenses.”

“This is precisely the type of meaningful impact we want to achieve in our collaborations with community organizations in Saint Louis,” noted David EichhornCFA, CEO of NISA and Head of Investment Strategies. “Our work with Justine PETERSEN is about delivering tangible, scalable results and staying true to the NISA Charitable Fund’s mission to support organizations that improve access to capital among traditionally underserved groups in Saint Louis.”

About Justine PETERSEN
Justine PETERSEN is a nationally recognized not-for-profit financial asset creation organization based in St. Louis, Missouri. As a leading Community Development Financial Institution (“CDFI”), HUD-certified housing counseling organization, and US Small Business Administration (“SBA”) microlender, Justine PETERSEN offers financial products and services that create active and changing lives. Learn more at www.justinepetersen.org.

About the NISA Charitable Fund
The mission of the NISA Charitable Fund is to promote equity in Saint Louis among underserved populations by supporting organizations focused on creating systematic change in education, access to capital, and workforce development. We believe that improving these critical foundational areas can lead individuals towards greater financial independence with a multiplier effect that can change the trajectory of the next generation. We are a donor-advised fund established in April 2020 and funded by NISA Investment Advisors, LLC, with operational support from the St. Louis Community Foundation.

About NISA Investment Advisors, LLC
NISA manages assets for some of the largest institutional investors in the United States. The company is 100% employee owned and is based in St. Louis, Missouri. Client portfolios include investment grade fixed income, layered derivatives and equity investments. From December 31, 2021managed by NISA $334 billion in physical assets and $195 billion in notional value derived in segregated account overlay portfolios. NISA is also known for its Pension Surplus Risk Index, or PSRX®, a forward-looking estimate of the volatility of the funded status of U.S. corporate defined benefit plans and is released monthly. For more information, please visit our website at www.nisa.com and be sure to follow us on LinkedIn.

Media contacts:
Galen GondolfiJustine PETERSEN
[email protected] or 314-565-2223

Eriko Clevenger Popedirector of the NISA Benevolent Fund
[email protected]

Michael Herley for NISA Investment Advisors, LLC
[email protected] or 203-308-1409

Justine PETERSEN and NISA Charitable Fund logos

Justine PETERSEN and NISA Charitable Fund logos

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